• ITVI.USA
    15,948.420
    108.680
    0.7%
  • OTLT.USA
    2.798
    -0.001
    0%
  • OTRI.USA
    22.010
    -0.060
    -0.3%
  • OTVI.USA
    15,936.600
    100.010
    0.6%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
  • ITVI.USA
    15,948.420
    108.680
    0.7%
  • OTLT.USA
    2.798
    -0.001
    0%
  • OTRI.USA
    22.010
    -0.060
    -0.3%
  • OTVI.USA
    15,936.600
    100.010
    0.6%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
American Shipper

COSCO Shipping Intl. puts its money on Cogent Holdings, PT Ocean Global

The investment arm of China COSCO Shipping has agreed to a $490 million cash buyout for logistics firm Cogent Holdings as well as a 40 percent stake in shipping company PT Ocean Global, reported multiple media sources.

   COSCO Shipping International intends to buy out Singapore-based logistics firm Cogent Holdings, as well as a 40 percent stake in the Indonesian shipping company PT Ocean Global, according to reports from multiple media outlets.
   COSCO has offered Cogent Holdings a $490 million cash buyout, equal to $1.02 per share and about “3.5 times the net tangible asset per share of 29.8 cents as of the end of June,” the Singapore-based Business Times reported. However, minority holders at Cogent are unhappy with the offer, calling it “unfair” and “too low,” according to the report.
   Cogent is provides logistics services in the warehousing, container depot, automotive logistics, project cargo and property management sectors. It operates a “One-Stop Logistics Hub” for containers and warehousing just outside of Singapore’s Pasir Panjang Terminal and Jurong Port. The proposed deal follows COSCO’s move to divest its shipyard business and add another layer to its logistics business. 

    COSCO also proposed the acquisition of the 40 percent share in PT Ocean Global for $14 million in cash. The company reportedly said the acquisition will enable it to “own a profitable business that is complementary and will provide an opportunity to expand further into South-east Asia’s logistics sector.” China COSCO Shipping Corp., currently owns a 49 percent stake in PT Ocean Global and utilizes the company for intra-Asia regional ocean shipping. Once the transaction is completed, COSCO will own the vast majority of the shipping company.

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